Note 8 - Income Taxes

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 8: Income Taxes

Income tax expense for the three and nine months ended August 28, 2021 includes $5,626 and $5,068 of discrete tax expense, respectively, relating to the revaluation of cross-currency swap agreements due to depreciation of the Euro versus the U.S. dollar and various foreign tax matters. Excluding the discrete tax expense, the overall effective tax rate was 27.6 percent and 27.4 percent for the three and nine months ended August 28, 2021, respectively.  

Income tax expense for the three and nine months ended August 29, 2020 includes $7,183 and $5,223 of discrete tax benefit, respectively, relating to the revaluation of cross-currency swap agreements due to appreciation of the Euro versus the U.S. Dollar and various foreign tax matters. Excluding the discrete tax benefit, the overall effective tax rate was 27.1 percent and 27.3 percent for the three and nine months ended August 29, 2020, respectively.

As of  August 28, 2021, we had a liability of $14,463 recorded for gross unrecognized tax benefits (excluding interest) compared to $14,569 as of November 28, 2020. As of August 28, 2021 and November 28, 2020, we had accrued $2,283 and $2,881 of gross interest relating to unrecognized tax benefits, respectively.